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The Daily Ninja 7/7/24

Updates From The Economic Ninja

(7/7/2024)

(7/7/2024)

(7/6/2024)

  • ๐Ÿ’ธ State Farm's ultimatum to not renew 72,000 insurance policies in California will devastate many homeowners and lead to skyrocketing prices in the real estate market.

  • ๐Ÿ  Homeowners in California are facing a massive insurance crisis, with State Farm requesting rate increases of 30% for homeowners, 52% for renters, and 36% for condo owners.

  • ๐Ÿ  The state's insurance industry is described as a ticking time bomb, with a mass Exodus of carriers straining the state's insurance of Last Resort.

  • ๐Ÿ’ธ State Farm's proposed rate increase could lead to a seismic level premium shock for policyholders in California.

  • ๐Ÿ”ฅ The state-funded insurance company will face its greatest test during Wildfire season, with policyholders likely to be contacting them for new homes.

  • ๐Ÿ“‰ Insurance companies walking away from California due to wildfires could put a strain on the state's insurance industry, backed up by the government.

  • ๐Ÿ  The current economic and political climate, combined with inflation and government turmoil, make the upcoming election extremely crucial.

  • ๐ŸŒŸ Exciting times are ahead, as the light at the end of the tunnel is getting brighter amidst the darkness.

(7/5/2024)

  • ๐Ÿ›ข๏ธ Adding a new tax to Chevron in Richmond will lead to losing jobs and higher gas prices.

  • ๐Ÿ’ฐ Workers worry about their jobs as Richmond adds a special tax on Chevron, potentially causing massive layoffs.

  • ๐Ÿ›ข๏ธ Chevron's potential response to the oil tax could result in less oil being refined at the plant, impacting the local economy and job opportunities.

  • ๐Ÿ›ข๏ธ Richmond, California's new oil tax may drive businesses away to more tax-friendly states like Texas, impacting the local economy.

  • ๐Ÿ’ฐ "City council members get richer, people lose more jobs, and the jobs have to filter somewhere else because the refining happens somewhere else."

  • ๐ŸŒณ The city council's vote to add a new oil tax is not going to help the environment, as they may only use a small portion of the funds for environmental enrichment.

  • ๐Ÿ’ผ The new oil tax in Richmond, California could lead to massive layoffs and higher gas prices, affecting everyone in the country.

  • ๐Ÿ’ฐ The Richmond tax will affect unions and have a significant impact on jobs in California.

(7/6/2024)

  • ๐Ÿ’ฐ There's a lot left unsaid about how banks make money selling mortgages and convincing you to take out a mortgage with them.

  • ๐ŸŽ Compare exact apples for apples mortgage products to save thousands of dollars immediately and tens of thousands over the next few years of the loan.

  • ๐Ÿ’ณ Improving your credit score can lead to better mortgage rates, as banks see you as less of a risk.

  • ๐Ÿก Some builders offer to buy down the mortgage rate for a limited time, so it's important to understand the terms and not just focus on the initial rate.

  • ๐Ÿ”’ Keeping an emergency account can help protect your home and credit score in times of financial hardship.

  • ๐Ÿ“‰ Mortgage companies charge points to price in the risk of you leaving for a lower rate, especially in a falling real estate market.

  • ๐Ÿ’ฐ Locking in your mortgage rate can potentially reduce it, but be aware of associated fees and ask about the lock-in date and float down options.

Keep Crushing It!

-Ninja Out

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